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DUBAI, Dec 4 (Reuters) - Saudi oil giant Aramco's (2222.SE) base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Gulf issuers have raised about $16 billion through such listings this year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows. A minimum of 75% of the Luberef shares being sold will be offered to institutional investors, with bookbuilding getting underway on Sunday and running until Friday. Aramco owns 70% of Luberef and Saudi investment bank Jadwa Investment the remaining 30%. Saudi Aramco's record listing in late 2019, later boosted to total $29.4 billion in proceeds, was the world's largest IPO.
DUBAI, Dec 4 (Reuters) - Saudi Arabia's stock exchange said on Sunday it was launching a market-making framework for its stock and derivatives markets to help ensure liquidity and raise price-determination efficiency. Entities must be exchange members, derivatives exchange members or their clients to be market makers. "Market Makers have to ensure the availability of liquidity for a listed security by providing continuous quotes throughout market open session," the Saudi Exchange, also known as Tadawul, said. "The Saudi Exchange will monitor compliance with Market Maker obligations, and will provide incentives to the Market Maker after obligations are met." As of October, Tadawul was the world's ninth largest exchange by market capitalisation of listed companies at $2.86 trillion, just ahead of the London Stock Exchange, according to Statista.
This has led to two IHC subsidiaries rounding out the three biggest companies on the Abu Dhabi Securities Exchange (ADX). ITH was expected to turn over half a billion dirhams ($136 million) and have $1 billion in assets by the second quarter, Shueb said. Pure Health, under Alpha Dhabi, aims to raise more than $1 billion in a first-quarter IPO delayed from this year. Its merger with state-owned Abu Dhabi Health Services (SEHA), which Shueb said has almost 24,000 employees, is taking longer than expected, delaying the IPO. IHC, which completed four IPOs this year and plans a similar number in 2023, has yet to appoint banks for the Pure Health IPO, Shueb said, adding it is considering a possible 2023 IPO of International Energy Holding.
Saudi Aramco's Luberef gets regulator nod for IPO
  + stars: | 2022-11-24 | by ( Steven Scheer | )   time to read: +1 min
DUBAI, Nov 24 (Reuters) - Saudi oil giant Aramco's (2222.SE) base oil subsidiary, Luberef, has received the approval from the kingdom's stock market regulator for an initial public offering, the Capital Market Authority said on Thursday. Saudi Aramco Base Oil Company (Luberef), formerly Saudi Aramco Lubricating Oil Refining Co, will offer investors 50.045 million of its shares, equivalent to 29.656% of its share capital. Aramco owns 70% of Luberef and Saudi investment bank Jadwa Investment owns the remaining 30%. Gulf issuers have raised about $16 billion in initial public offerings this year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows. Saudi Aramco's record listing on Riyadh's Tadawul exchange in late 2019, later boosted to total $29.4 billion in proceeds, was the world's largest IPO.
Dubai's main airport raises 2022 passenger forecast
  + stars: | 2022-11-22 | by ( Yousef Saba | )   time to read: +1 min
DUBAI, Nov 22 (Reuters) - Dubai's main airport on Tuesday raised its passenger forecast for this year by nearly two million to 64.3 million people after a strong pick up in business in the third quarter from the same period last year. The Gulf hub has seen more than 46.3 million passengers so far this year, up 168% year-on-year, and about 72% of its traffic in the same nine months of 2019, before the pandemic. London was the top destination city in the third quarter, with two million passengers, followed by Riyadh and Mumbai. India was the top country destination, with 6.8 million passengers, followed by Saudi Arabia, Britain and Pakistan. Reporting by Yousef Saba; Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
TOKYO, Nov 17 (Reuters) - Chip stocks took a beating on Thursday, sending most Asian share indexes lower, after grim signals from Micron Technology overnight about excess inventories and sluggish demand. Meanwhile, the U.S. dollar rebounded after stronger-than-expected U.S. retail sales suggested the Federal Reserve was unlikely to ease up in its battle with inflation. Hong Kong's Hang Seng Index (.HSI) tumbled 2.1%, with its tech stocks (.HSTECH) slipping more than 4%. Japan's Nikkei (.N225) lost 0.3% and South Korea's Kospi (.KS11) dropped 1.1%, each led by declines in heavyweight chip players. The U.S. dollar index - which measures the currency against six major counterparts - added 0.13% to 106.41, stabilizing after a slide as low as 105.30 on Tuesday following the release of producer price inflation numbers.
SYDNEY, Nov 17 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. Good is bad again - or vice versa - as markets worry upbeat U.S. retail sales will lead to higher interest rates for longer. What's bad for Wall Street might be good for everyone else. What's good for bonds will be bad for everyone else. So what's good for markets has to be bad for everyone else.
Meanwhile, the U.S. dollar rebounded after stronger-than-expected U.S. retail sales suggested the Federal Reserve was unlikely to ease up in its battle with inflation. That fuelled concerns about the economic outlook, with the U.S. Treasury yield curve remaining deeply inverted in Tokyo trading and suggesting that investors are braced for recession. Hong Kong's Hang Seng Index (.HSI) tumbled 2.7%, with its tech stocks (.HSTECH) slipping more than 5%. Japan's Nikkei (.N225) lost 0.4% and South Korea's Kospi (.KS11) dropped 1.1%, each led by declines in heavyweight chip players. The U.S. dollar index - which measures the currency against six major counterparts - added 0.28% to 106.57, rebounding from a slide as low as 105.30 on Tuesday following the release of producer price inflation numbers.
ABU DHABI, Nov 16 (Reuters) - Binance Chief Executive Changpeng Zhao said on Wednesday there was significant interest from industry players in a recovery fund his company plans to launch to help crypto projects facing a liquidity squeeze following the collapse of rival FTX. Speaking at a conference in Abu Dhabi, Zhao said he doesn't have an exact figure in mind for the size of the recovery fund. Zhao said Binance has healthy reserves but he did not say how much the company would contribute to the fund. The crypto industry is reckoning with the collapse of Sam Bankman-Fried's rival exchange FTX, which filed for bankruptcy on Friday after users rushed to withdraw $6 billion in crypto tokens in just 72 hours. "Obtaining this license is a pivotal step in the growth of Binance in Abu Dhabi, and a reflection of the city's progressive stance on virtual assets," Dominic Longman, senior executive officer at Binance Abu Dhabi, said in a statement.
DUBAI, Nov 14 (Reuters) - Saudi Arabia's sovereign wealth fund and BlackRock (BLK.N) have signed an agreement to jointly explore infrastructure projects in the Middle East, focused on Saudi Arabia. The Public Investment Fund (PIF), which manages more than $600 billion in assets, said their non-binding memorandum of understanding will serve as the anchor for BlackRock's Middle East Infrastructure strategy. It added that the world's biggest fund manager plans to build a dedicated infrastructure investment team in Riyadh. In October last year, Saudi Arabia launched a national infrastructure fund to support up to 200 billion riyals ($53 billion) in projects over the next decade. It was not immediately clear whether the MoU was related to that National Infrastructure Fund, which is part of the National Development Fund.
Fitch had downgraded Emirates REIT by several notches after it made the exchange offer. It is offering sukuk holders, for each $1,000 in face amount of their sukuk, $950 in face amount of new notes and $50 in cash. Emirates REIT needs 75% of its creditors to consent to the proposal to exchange the outstanding unsecured sukuk with secured ones. The group includes Arkkan Capital Management Limited, Rasmala Investment Bank Limited, GFH Financial Group, Sancta Capital, SC Lowy Primary Investments, Plenisfer Investments, Emirates NBD Asset Management, Shuaa Capital and Saray Capital. The group said it had been in talks with Emirates REIT for several months "to reach agreement on transaction terms that would provide satisfactory structural protections and economic returns for the holders of the new secured certificates".
Most Gulf central banks raise interest rates after Fed's move
  + stars: | 2022-11-02 | by ( )   time to read: +2 min
REUTERS/Hamad I MohammedDUBAI, Nov 2 (Reuters) - Most Gulf states said on Wednesday they would increase their key interest rates after the Federal Reserve raised its key policy rate by three-quarters of a percentage point for the fourth straight time. Saudi Arabia and the United Arab Emirates, the region's two largest economies, both increased rates by 75 basis points. The Saudi central bank, also known as SAMA, lifted its repo and reverse repo rates to 4.5% and 4%, respectively. Bahrain also raised its main rate by 75 basis points while Qatar increased rates by between 50 and 75 basis points. The impact of higher interest rates among Gulf oil exporters in 2022 has so far been limited.
DUBAI, Nov 2 (Reuters) - Saudi Arabia's non-oil private sector expanded at a faster rate in October on the back of strong demand and rising new work inflows, a survey showed on Wednesday. "Saudi Arabian non-oil businesses signalled a strong degree of confidence in future economic conditions in October. "At the same time, business activity and new orders rose sharply again, with firms seeing client demand strengthen at a robust rate. Over a third of survey respondents noted that new orders had increased since the previous survey in September. The output subindex rose to 61.3 in October from 59.5 in September, while the employment subindex slipped to 50.2 from 50.5 but notched a seventh consecutive month of growth.
Nov 2 (Reuters) - Rio Tinto (RIO.AX) on Wednesday said two key investors in Turquoise Hill Resources (TRQ.TO) agreed to withhold their votes at a meeting to decide on the global miner's $3.3 billion offer for the Canadian firm. Pentwater, Turquoise's second-largest shareholder, and SailingStone Capital Partners will also exercise their dissent rights, and Rio will increase the dissent condition under its proposal to 17.5% of issued Turquoise Hill shares from 12.5%. Dissent rights allow shareholders to sell their stake at fair value if a company takes a decision that they do not agree with. Pentwater and SailingStone have been the most vocal in opposing Rio's C$43-per-share offer for the 49% of Turquoise Hill it does not already own as "too low". read moreTurquoise Hill earlier on Wednesday delayed a special shareholder meeting to vote on the proposed deal by a week to Nov. 8 at Rio Tinto's request.
Nov 1 (Reuters) - Chemicals maker DuPont De Nemours Inc (DD.N) said on Tuesday it was terminating its $5.2 billion buyout of Rogers Corp (ROG.N) as they were unable to obtain timely regulatory clearances for the deal. Rogers shares plunged 43% in extended trading, while those of DuPont rose about 6%. DuPont added it would pay Rogers a termination fee of $162.5 million. The companies said in September that they had received all regulatory approvals for the deal except from China. Reporting by Ruhi Soni in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.
NEW YORK, Nov 1 (Reuters) - Infant formula manufacturer Perrigo Company Plc (PRGO.N) said on Tuesday it is buying the Good Start brand and a Wisconsin plant that makes the product from Nestle SA (NESN.S), as U.S. retailers recover from shortages of the good. The deal is part of a $170 million investment that Perrigo is making in its U.S. infant formula manufacturing. The investment includes $60 million to expand the plant's capacity by roughly 100 million eight-ounce bottles each year. Nestle has sent cans of specialized Alfamino formula and NAN from Europe to help try to alleviate the shortage earlier this year. Perrigo will supply Nestle with Good Start formula so the company can fulfill its contracts with the Women, Infants and Children program, which helps poor families afford the item.
[1/2] A woman poses with a cigarette in front of Philip Morris International logo in this illustration taken July 26, 2022. REUTERS/Dado Ruvic/IllustrationNov 1 (Reuters) - Framtiden Partnerships, a long-term shareholder of Swedish Match (SWMA.ST) of nearly two decades, said it will not accept Marlboro-maker Philip Morris’ (PM.N) higher offer of 116 Swedish crowns per share. Dan Juran, Managing Member of Framtiden which owns almost 1% of shares in Swedish Match, said they will still not tender their shares and hopes that the deal will fail. Reporting by Marie Mannes; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.
[1/2] The company logo for Johnson & Johnson is displayed to celebrate the 75th anniversary of the company's listing at the New York Stock Exchange (NYSE) in New York, U.S., September 17, 2019. J&J is focused on its pharmaceuticals and medical devices operations with the consumer health spinoff expected by November 2023. Chief Executive Joaquin Duato has said he will look to build up the medical devices unit through acquisition. Abiomed will operate as a standalone business within the healthcare conglomerate's medical technology division. J&J's medical technology business includes surgical, orthopedic and various other devices.
Nov 1 (Reuters) - Canadian miner Turquoise Hill Resources Ltd (TRQ.TO) said on Tuesday it would delay by a week to Nov. 8 a special shareholder meeting to vote on a proposed takeover by Rio Tinto Plc (RIO.L), (RIO.AX) following a request from the mining giant. Rio has proposed a $3.3 billion deal for Turquoise Hill shares it does not already own, seeking a 66% stake in Oyu Tolgoi in Mongolia, the world's largest known copper and gold deposits. Rio raised its offer to C$43-per-share but still faces opposition from multiple parties including Turquoise Hill's second-largest shareholder Pentwater Capital Management, as well as proxy advisor Institutional Shareholder Services (ISS). Reporting by Ruhi Soni in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.
ABU DHABI, Nov 1 (Reuters) - Bahrain's energy strategy and its state oil holding firm's operation plan are likely to be decided in six months with implementation to begin a year later, the firm's CEO Mark Thomas said on Tuesday. "Junk"-rated Bahrain, a small non-OPEC oil producer, is one of the most indebted countries in the region, and seeks to capitalise on high energy prices. He said international oil firms and regional oil giants Saudi Aramco and ADNOC were being looked at as examples. Nogaholding hired banks to set up an environmental, social and governance (ESG) framework earlier this year, Thomas said, declining to name the banks. That framework is expected to be completed in a few months and will allow the company to issue green bonds if it decides to do so, he added.
"We are only a phone call away if the requirements are there," he said. OPEC+ faced one of its biggest clashes with the West after it agreed oil production cuts in October, a decision the U.S. administration called shortsighted. OPEC+ producers rallied around top oil exporter Saudi Arabia after the United States accused it of pushing members into the cut. Saudi Arabia and the UAE, two of the world's biggest oil producers, are boosting output and refining, and working on clean hydrogen, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday. The UAE is releasing its first revision of its energy plan in 2023, which will increase its green targets, Mazrouei said.
SABIC posts 67% fall in Q3 profit on higher costs, impairment
  + stars: | 2022-10-30 | by ( )   time to read: +1 min
DUBAI, Oct 30 (Reuters) - Petrochemicals firm Saudi Basic Industries Corp (SABIC) (2010.SE) said on Sunday it expected margins to be under pressure in the fourth quarter as its third quarter net profit fell 67% year-on-year on higher costs and an impairment charge. SABIC's net profit fell to 1.84 billion riyals ($489.62 million) from 5.59 billion riyals in the third quarter of 2021. Average sales prices in the third quarter fell 15% from the second quarter, while sales volumes also dropped 1% in the same period, SABIC said in a statement. SABIC said its "value capture associated" with Aramco since it took the stake in June 2020 was 3.64 billion riyals, including 2.09 billion riyals in the first nine months of 2022. Fageeh was named CEO on Sept. 28 after former CEO Yousef Abdullah al-Benyan resigned following his appointment as Saudi minsiter of education.
DUBAI, Oct 27 (Reuters) - Bayanat, an Abu Dhabi-based provider of geographic data and analytics, said on Thursday it drew robust demand of 57.5 billion dirhams for its IPO. Bayant is offering 22.22% of its share capital at 1.1 dirham per share, valuing the stake at 628.6 million dirhams ($171.15 million). AI firm G42, which is backed by sovereign wealth fund Mubadala, will continue to own 77% of Bayanat. In the same year, Mubadala took an undisclosed stake in G42, which is chaired by the UAE's national security adviser. Dubai Islamic Bank was lead manager, First Abu Dhabi Bank was lead receiving bank and International Securities was the lead placement agent on the IPO.
The Series A round was led by Sanabil Investments, fully owned by Saudi Arabia's sovereign Public Investment Fund (PIF). Other investors were Global Ventures, Endeavor Catalyst, 500 Global, Sukna Venture and Seedra Ventures. "The round additionally included a diverse set of investors from Silicon Valley, emerging markets, and global family offices," the company said in a statement, without naming them. "Many learning institutions, especially after the pandemic, are convinced they need the next generation of e-learning solutions," Classera co-founder and CEO Mohammad Almadani said in the statement. Sanabil said in the same statement it was "fully committed to enable Classera to further expand its reach to learners across all socio-economic backgrounds."
[1/3] A helmet with logo of Saudi Aramco is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/FilesRIYADH, Oct 26 (Reuters) - Oil giant Saudi Aramco launched a $1.5 billion fund to support an inclusive global energy transition on Wednesday while Saudi officials said the switch from hydrocarbons could take decades, necessitating continued investment in conventional resources. What we need is an optimal, realistic transition plan," Aramco CEO Amin Nasser told a business forum, where he announced the new fund managed by Aramco Ventures. Saudi Finance Minister Mohammed al-Jadaan told the FII gathering that thinking around the global energy transition has "now became more realistic that actually transition will take... possibly 30 years", and that conventional resources remained important to ensure security of supply. Saudi sovereign wealth fund the Public Investment Fund (PIF) has established five regional investment companies in Jordan, Bahrain, Sudan, Iraq and Oman, PIF said on Wednesday, following a similar move for an investment subsidiary in Egypt.
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